"Third, governments must counteract the sharp drop in consumption and investment demand. In the absence of strong policies, it is too easy to think of scary scenarios in which depressed output and troubles in the financial system feed on each other, leading to further large drops in output. It is thus essential for governments to make clear that they will do everything to eliminate this downside risk
Can they credibly do it? The answer is yes. With interest rates already low, the room for monetary policy is limited. But the room for fiscal policy is wider, so governments must do two things urgently. First, in countries in which there is fiscal space, they must announce credible fiscal expansions; we -- the IMF -- believe that, as a whole, a global fiscal expansion about 2 percent of world GDP is both feasible and appropriate."
Desde luego que se señalará que las economías en desarrollo no tienen ese espacio para este tipo de políticas fiscales. Probablemente la gran mayoría, pero no necesariamente es el caso de todos, ni las acciones tienen que ser de la misma magnitud. Lo que se requiere, recomienda el FMI, es que deben ser suficientemente agresivas o enfáticas para que sean creíbles.
Pero hoy mismo, Mr Stauss-Kahn, cabeza del FMI, señaló en una entrevista a la BBC de Londres, entre otras cosas,
"... governments around the world had no choice but to step in and spend more."
"I'm specially concerned by the fact that our forecast, already very dark... will be even darker if not enough fiscal stimulus is implemented," he said